Fleetwood Enterprises Inc. announced today (Dec. 12) that it has successfully completed the exchange offer launched on Oct. 30 to issue Fleetwood’s new 14% senior secured notes and shares of its common stock in exchange for its existing $100 million principal amount of 5% convertible senior subordinated debentures.
The Riverside, Calif.-based builder reported that approximately $79 million in aggregate principal amount of debentures were tendered and accepted in the exchange offer.
Pursuant to the terms of the exchange offer, Fleetwood will issue approximately $81.4 million in aggregate principal amount of its new 14% senior secured notes and 11 million shares of its common stock.
Holders of the debentures who did not tender into this exchange offer may either retain their 5% convertible debentures or tender their debentures by Monday, Dec. 15 in a separate registered exchange offer. Holders who tender in that separate exchange offer will receive only shares of common stock.
The company also said that is has received formal notification from NYSE Regulation Inc. that it is not in compliance with the continued listing standard requirements.
As previously announced, NYSE earlier notified the company that it was not in compliance with the $1.00 average share price continued listing standard, and Fleetwood had previously notified the NYSE of its intent to cure that deficiency. Fleetwood’s stock closed Thursday at 9 cents per share.